Dogecoin (DOGE) Soars As Bitcoin Rally Ignites Memecoin Frenzy

by Henry Khederian Benzinga Staff Writer

Dogecoin DOGE/USD, the original memecoin, is surging Friday afternoon, capturing significant gains as a wave of speculative enthusiasm washes over the crypto market for the session.

What To Know: Friday’s jump comes in direct sympathy with Bitcoin BTC/USD, which rocketed to a new all-time high of over $118,000. The surge by the world’s leading cryptocurrency is creating a powerful ripple effect, reigniting interest in high-beta assets like Dogecoin.

Bitcoin’s record-breaking climb is largely attributed to sustained institutional buying, particularly through U.S.-listed spot Bitcoin ETFs, which have seen billions in net inflows. This strong institutional interest signals growing confidence in the cryptocurrency sector, creating a risk-on environment that benefits more speculative assets.

Historically, when Bitcoin breaks new ground, a wave of optimism and retail investor interest tends to flow into the altcoin market. Dogecoin, with its massive brand recognition and strong community, often becomes a primary beneficiary of this trend. Investors, buoyed by Bitcoin’s performance, frequently look to memecoins for high-risk, high-reward opportunities.

This phenomenon of market-wide euphoria, led by Bitcoin, is a primary driver of Dogecoin’s sharp price increase Friday afternoon, as a rising tide in the crypto market often lifts top altcoins.

What Else: Dogecoin is a decentralized, open-source cryptocurrency that originated as a lighthearted joke in 2013. Created by software engineers Billy Markus and Jackson Palmer, the digital coin features the face of the “Doge” meme’s Shiba Inu dog as its logo.

Despite its satirical beginnings, Dogecoin quickly developed a vibrant and active community, gaining traction as a currency for tipping online content creators and for small, fast transactions. Technically, it is based on the same underlying proof-of-work technology as Litecoin.

Unlike Bitcoin, which has a finite supply, Dogecoin is inflationary, with a large and uncapped circulating supply, a feature intended to encourage its use as a currency rather than a store of value. Over the years, it has become one of the most well-known cryptocurrencies, often driven by social media trends and endorsements from high-profile personalities.

Price Action: According to data from Benzinga Pro, Dogecoin is trading higher by 5.7% to $0.2090 Friday afternoon.